A ribbon cutting ceremony was recently held to mark the opening of 2886 Atlantic Avenue, a ten-story affordable housing development in Cypress Hills, Brooklyn. Designed by JFA Architects & Engineers and developed by Camber Property Group, the nearly 128,000-square-foot structure yields 182 deeply affordable units. The project also includes 5,200 square feet of commercial space and a 56-vehicle parking facility. The New York City Department of Social Services (DSS) and the Institute for Community Living (ICL) will operate and manage the property, which is bounded by Atlantic Avenue to the north, Jerome Street to the east, and Barbey Street to the west.
The celebration was attended by DSS Commissioner Molly Wasow Park and ICL President Jody Rudin. The development is the first in Brooklyn created by the DSS’s Affordable Housing Services initiative, a new effort that aims to create 1,500 permanent affordable homes for New Yorkers in the shelter system.
The ribbon cutting ceremony at 2886 Atlantic Avenue. Image by Carlos Alayo, courtesy of the New York City Department of Social Services and Institute for Community Living.
The property was formerly occupied by a gas station, as seen in the below Google Street View image from before its demolition.
The former gas station at 2886 Atlantic Avenue in December 2020. Image via Google Maps.
Homes are available in studio to three-bedroom layouts, and are designated for New Yorkers exiting the shelter system and those with behavioral health needs.
Residential amenities include a virtual doorman, bike storage room, laundry room, live-in super, package room, cold storage space, and ADA accessibility. There is also a children’s playroom, fitness center, media room, courtyard, and a rooftop deck.
The rooftop at 2886 Atlantic Avenue. Image courtesy of the New York City Department of Social Services.
“With New York City facing an historically low housing vacancy rate, we cannot rely on the status quo to meet the moment,” said Wasow Park. “We must leverage our resources in new and innovative ways to create desperately needed affordable housing, and with the Affordable Housing Service initiative, we are thrilled to do just that.”
Camber Property Group acquired the property for $72 million from The Jay Group earlier this year. The purchase was backed by a $94.3 million loan issued by UMB Bank. Aaron Jungreis, Ben Khakshoor and Alex Fuchs from Rosewood Realty Group, as well as Scott Dweck from Latitude Property Group, represented the buyer and seller.
The nearest subways from the property are the J and Z trains at the Van Siclen Avenue station to the north above Fulton Street, as well as the C train at the Van Siclen station to the south along Pitkin Avenue.
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I am astonished at the price of the land at $72 million. My co-op with 134 units in two 6-story buildings with garage, grounds, and gardens, was valuated at $35 million when we renewed a mortgage five years ago.
From another article:
Camber Property Group paid $68.8 million for the asset in June, backed by a $94.3 million loan issued by UMB Bank, Yardi Matrix data shows. The Jay Group sold the property after it had received a $52 million construction loan from Cross River Bank in 2023.
The original purchase price of the gas station property was $7.5 million. The $72 million price mentioned appears to be the sum of property acquisition and construction rolled together and sold to a third party (Camber Property Group)
Timeline:
Transactions:
• Camber Property Group and Institute for Community Living borrowed $94.3 million from UMB Bank and Citibank for 2864 Atlantic Avenue, East New York, Brooklyn on June 02, 2025.
• Jay Group and Jacob Aini sold 2864 Atlantic Avenue, East New York, Brooklyn for $69 million to Camber Property Group and Institute for Community Living on June 02, 2025.
• Jay Group borrowed $52 million from Cross River Bank for 2864 Atlantic Avenue, East New York, Brooklyn on October 24, 2023.
• Speedway sold 2864 Atlantic Avenue, East New York, Brooklyn for $7.5 million to Jay Group on March 31, 2022.
Yes, $72m is crazy for a remediation site. Something isn’t right here.
But the very decent design, for this very worthy project, proves that subsidized housing doesn’t need to look like it does.
$7.5 million. See above.
Glad to see an affordable project that doesn’t skimp on amenities. Commutes to midtown from here are a little long but if you work in Lower Manhattan this place is perfect.